coinfloor

Overview of Coinfloor

Established in 2014, Coinfloor is a UK-based cryptocurrency exchange offering a selection of five digital assets for trading. With competitive fees ranging from £/€1.00 to £/€3.00 per trade, it appeals to budget-conscious traders. Coinfloor supports convenient payment methods like bank transfers and debit cards.

Pros and cons

Security

Coinfloor employs robust security measures to protect user funds. The majority of user funds are stored in cold storage, a method that shields them from online vulnerabilities and potential attacks. Additionally, the exchange implements two-factor authentication (2FA) for all user accounts, adding an extra layer of protection. Coinfloor's commendable security track record includes no major hacks or security breaches in recent years, instilling confidence in its security measures.

Cryptocurrencies Available

Coinfloor offers trading for a limited selection of 12 cryptocurrencies, which is relatively smaller compared to some larger exchanges. However, it includes prominent cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), as well as several altcoins such as Ripple (XRP), Litecoin (LTC), and Cardano (ADA). While the variety is more constrained, it still provides options for traders with diverse preferences and investment strategies to explore within this curated selection.

How to open an account？

The process is simple - access the website, complete the registration process in 6 quick steps, and start trading as below.

Fees

Coinfloor, the cryptocurrency exchange, offers a range of deposit, withdrawal, buy/sell, and auto-buy fees to its users. Deposits can be made through various methods, including GBP and EUR bank transfers, debit/credit cards, and Bitcoin deposits on-chain or using Lightning. Withdrawals are also available through GBP and EUR bank transfers or Bitcoin withdrawals on-chain and via Lightning. Buy/sell and auto-buy fees are structured based on transaction amounts, with fees varying from £/€1.00 to 1% and no restrictions on the number of trades. Additionally, Coinfloor implements certain limits for both deposits and withdrawals, with the aim of providing users with flexibility in their cryptocurrency transactions. Here are some tables:

Deposit Fees:

*Limited by liquidity levels on the Lightning Network.

Withdrawal Fees:

*Max - £500/€500 if confirmation email is turned on. Per rolling 24-hour limit.

Buy/Sell Fees:

*Per trade limits. No restrictions on the number of trades. Contact for OTC inquiries on larger trades.

Auto Buy Fees:

*Per transaction and in any rolling 24-hour period.

Payment Methods

Depositing by debit card is a swift process. Successful transactions lead to immediate crediting of funds to your account, enabling you to purchase bitcoin promptly. In case of failed card deposits, the issue often lies with your card provider. However, if you suspect an issue on our end, please don't hesitate to reach out to our support team for assistance.

When making a deposit via bank transfer, it's essential to note that we can only credit bank deposits to personal accounts if the funds originate from a personal bank account in your name. We discourage deposits from third-party or business bank accounts when funding a personal CoinCorner account to ensure a smooth process.

The arrival time of your deposit depends on the currency you are depositing. GBP bank transfers typically reach us within minutes through GBP Faster Payments. However, it's crucial to ensure that your deposit includes the correct reference and matches the account name. If your deposit doesn't auto-credit, please contact our support team with details like the deposit amount and time sent for assistance in locating the funds.

For EUR bank deposits sent via SEPA, the transfer can take between 1 to 3 working days to arrive. These deposits are manually credited to your account upon receipt.

Is Coinfloor a Good Exchange for You？

For Beginner Traders:

Coinfloor can be an appealing choice for beginner traders due to its competitive trading fees, which range from £/€1.00 to £/€3.00 per trade. These low fees can help newcomers minimize their trading costs as they gain experience in the cryptocurrency market. Additionally, the user-friendly interface makes it easier for beginners to navigate the platform and execute transactions efficiently. However, it's important to note that Coinfloor's limited selection of 12 cryptocurrencies may somewhat limit the variety for those looking to explore a broader range of digital assets.

For Experienced Traders:

Experienced traders may find Coinfloor's competitive trading fees advantageous for optimizing their trading strategies and maximizing profits. The fee structure, ranging from £/€1.00 to £/€3.00 per trade, can help experienced traders keep their trading expenses in check. The user-friendly interface ensures seamless execution of transactions, catering to their expertise. Nevertheless, the exchange's limited cryptocurrency selection of 12 assets might be a drawback for those who prefer a more extensive range of options for their trading activities.

For Cryptocurrency Enthusiasts:

Cryptocurrency enthusiasts may appreciate Coinfloor's user-friendly interface, which simplifies the trading experience and accommodates users with varying levels of expertise. The competitive trading fees, ranging from £/€1.00 to £/€3.00 per trade, can be enticing for enthusiasts who want to engage in trading activities without incurring high costs. However, the exchange's limited availability and the absence of regulatory oversight may raise concerns for enthusiasts who value a broader array of cryptocurrency choices and regulatory compliance.